Barclays’s Plan for Black Ownership in Zimbabwe Needs More Work

Barclays Plc’s plan to increase black ownership of its Zimbabwean unit needs further work, said the country’s Indigenization Minister Saviour Kasukuwere.

“We’re not unhappy with their plan, but it needs further work and tidying up,” Kasukuwere said today in a telephone interview from the capital, Harare.

Barclays, the U.K.’s second-largest bank by assets, has said its business in in the southern African country is 32 percent-owned by Zimbabweans. George Guvamatanga, managing director of the unit listed on the Zimbabwe Stock Exchange, didn’t immediately answer phone calls to his office today.

Under the country’s law, foreign and white-owned companies must sell or cede 51 percent of their shares to black Zimbabweans or the state-owned National Indigenization and Economic Empowerment Board. Kasukuwere, a member of the Zimbabwe African National Union-Patriotic Front party that pushed the law through parliament, said Barclays’s plan needs more discussion.

Police arrested a second official from the Anti-Corruption Commission after the body attempted to search the offices of the indigenization board, Zimbabwe’s state-controlled Herald newspaper reported yesterday.